Steel fibers are widely used in various industries, including construction, infrastructure, and industrial applications, to reinforce concrete and enhance its mechanical properties. They improve the durability, tensile strength, crack resistance, and impact resistance of concrete structures. The demand for steel fibers has been driven by the increasing adoption of reinforced concrete in construction projects, as well as the need for high-performance materials. In recent years, the steel fiber market has experienced steady growth due to the rise in infrastructure development and construction activities across the globe. The market has been driven by factors such as urbanization, population growth, and the need for sustainable construction materials. Steel fibers offer several advantages over traditional reinforcement methods, such as reduced labor costs, improved structural integrity, and faster construction.

The steel fiber market is valued at USD 2.0 billion in 2018 and is expected to reach USD 2.5 billion by 2023, at a CAGR of 5.0% between 2018 and 2023. In terms of scope, the steel fiber market is expected to witness continued growth in the coming years. The demand for steel fibers is anticipated to be driven by infrastructure projects, such as bridges, tunnels, and roads, as well as commercial and residential construction. Additionally, the growing awareness of the benefits of steel fiber-reinforced concrete and the increasing focus on sustainable construction practices are likely to contribute to the market's expansion.

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The major manufacturers of steel fiber are Arcelor Mittal (Luxembourg), Bekaert (Belgium), Fibrometals (Romania), Nippon Seisen Co. Ltd. (Japan), Zhejiang Boean Metal Products Co. Ltd. (China), Green Steel Group (Italy), Spajic Doo (Serbia), Hunan Sunshine Steel Fiber Co. Ltd. (China), Yuthian Zhitai Steel Fiber Manufacturing Co. Ltd. (China), and R. STAT (Saint-Jean-Bonnefonds). 

Arcelor Mittal is one of the prominent players in the steel fiber market. As a part of its growth strategy, the company is highly focused on expansions. In June 2017, the company announced a three-year investment program worth USD 1 billion for Mexico. At the completion of this investment program, the optimized production will be 5.3 million tons per year, which will result in the growth of the Mexican domestic market. This strategy will be beneficial for Arcelor Mittal and make its foothold in the steel fiber market stronger.

Bekaert is one of the leading players in the steel fiber market. The company provides high-grade steel fiber, which is extensively used in the construction industry. As a part of its growth strategy, the company is highly focused on expansions and joint ventures. In April 2014, the company had established a steel plant for manufacturing steel fiber under the brand Dramix.

The hooked segment accounted for the largest share of the overall steel fiber market

Hooked steel fiber is the most commonly used type of steel fiber. Hooked steel fiber is used in concrete reinforcement in hydraulic structures, airport and highway paving, industrial floor, refractory concrete, bridge decks, shotcrete linings, and explosion resistant structures. This steel fiber type is affordable and easily available. Hooked steel fiber substantially enhances initial crack strength and provides post-crack strength. Hooked steel fiber forms stronger joints, which results in low maintenance of the concrete structure.

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Concrete reinforcement application is expected to register the highest CAGR in the steel fiber market during the forecast period.

Flooring, roof slab, bridges, water tanks, sports stadium, conference halls, tunnel lining, dams, canal lining, and blast-resistant structures come under the concrete reinforcement application. Steel fiber is widely used in concrete reinforcement application in tunnel lining and flooring. Reinforced concrete is used widely as they have high resistance to tensile and shear stresses caused by natural calamities such as earthquakes, winds, and vibrations.

APAC is expected to be the largest market for steel fiber during the forecast period.

APAC is the largest steel fiber market, in terms of both value and volume. China, India, and Japan are the fast-growing economies that contribute to the growth of the market in the region. There are many large steel fiber manufacturers in the APAC region, such as Stewols India (India), Hunan Sunshine Steel Fiber (China), and Yuthian Zhitai Steel Fiber Manufacturing (China)). The demand for steel fiber is expected to increase in the region during the forecast period with the increasing demand from infrastructure, construction, textile, and other industries.